Property Development Tips
Property development is a tedious process. Similar to other developers, you might be conflicted about how to start your property development journey. However, this should not happen if you read these property development tips.
Should You Subdivide?
From the onset, you should consider the need to subdivide the property. There are several advantages of property subdivisions. First, a subdivision can significantly increase property value. Typically, smaller parcels yield more than a single large plot. Therefore, if you plan to take a loan against the property, you can negotiate for a higher amount. A subdivision also enhances the functionality of the property. For instance, if you run into financial trouble in the future, you could sell one part of the property and retain the other.
The rule when subdividing property is to hire an accredited lands surveyor to conduct the subdivision. Ideally, the professional examines the property and creates a subdivision plan. Usually, this plan must consider the existing subdivision laws. For instance, the proposed subdivision must have a proper drainage system, access roads, power, and water connections. Your surveyor submits the subdivision plan, applies for the required permits, and applies for new titles for each plot.
Settle on a Development
Several factors determine what you can build on your land. Start by assessing land development regulations to establish the dos and don'ts as you build. For example, zoning laws prescribe property use. For instance, the area could be zoned for industrial, residential, or commercial use. If you defy these regulations, you risk penalties or legal action in the future. Further, you should assess the building code to determine the standards to adhere to. Typically, the code defines the features of structural components, the property orientation, roof, and building height.
A real estate development survey should help you determine suitable development. For instance, if the area is zoned for industrial use, should you build a warehouse, manufacturing plant, showroom, or data centre? The assessment helps you identify market gaps and compare the profitability of the various ventures.
Hire professionals to help you achieve your development dreams. For instance, hire an architect to design the structure. Building design must be a consultative process to ensure future occupants connect with the various architectural features. Consequently, hire a building contractor to actualise the architect's vision. Vet the contractor to ensure they have the resources, expertise, and equipment required to execute the project. You also need a building surveyor to certify the building works.
For more information on property development, contact a professional near you.